Adobe Inc (ADBE)

[MiamiGent]

ADBE Adobe 1Q profit jumps as it adds more subscribers

Photoshop maker Adobe's 1Q profit up and beats Wall Street view, but shares slip.

Associated Press

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SAN JOSE, Calif. (AP) -- Adobe Systems Inc. on Tuesday reported that its first-quarter profit rose 80 percent as more subscribers signed up for its newer cloud products.

But the company's outlook for its current quarter fell short of Wall Street expectations and its stock dipped in extended trading.

Earnings for the three months through Feb. 27 came to $84.9 million, or 17 cents per share. That was up from $47 million, or 9 cents a share, a year earlier.

Adjusted for one-time items, the maker of Photoshop and Illustrator software said profit came to 44 cents per share in the latest quarter, beating Wall Street expectations.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.